In November 2022 Latvia’s foreign trade turnover reached EUR 4.2 billion, which was 27.2% larger in current prices than a year ago. Exports value of goods was 20% higher, whereas imports were 34.2% higher.
In November Latvia exported goods worth EUR 1.95 billion, but imported EUR 2.25 billion worth of goods, according to provisional data of the Central Statistical Bureau (CSP).
Compared with November 2021, foreign trade balance worsened as exports decreased from 49.2% to 46.4%. It is worth mentioning that the data on foreign trade in goods are reflected in actual prices and is calculated on the basis of the value of goods in euros, not their physical quantity.
In eleven months of 2022 foreign trade turnover at current prices reached EUR 43.54 billion – EUR 10.83 billion or 33.1% more than in the same period of 2021.
Exports constituted EUR 19.43 billion (EUR 4.54 billion or 30.5% more), whereas imports comprised EUR 24.11 billion (EUR 6.29 billion or 35.3% more).
Calendar and seasonally adjusted data show that, compared to November 2021, in November 2022 the exports value at current prices went increased by 18.8%, but the imports value – by 34%, whereas, compared to the previous month, the exports value went increased by 4.8%, but the imports value – went down by 2.1%.
The main changes in exports in November 2022, compared to November 2021, included the following: exports of mineral products increased by EUR 122 million; exports of vegetable products increased by EUR 86.2 million or 67.4%; exports of prepared foodstuffs increased by EUR 48.2 million or 38.9%; exports of machinery and mechanical appliances; electrical equipment increased by EUR 45.9 million or 18.8%; exports of base metals and articles of base metals down by EUR 59.1 million or 31.7%.
Main changes in imports in November 2022, compared to November 2021, included the following: imports of mineral products increased by EUR 349.8 million or 3.4 times; imports of machinery and mechanical appliances; electrical equipment increased by EUR 45.1 million or 12.1%; imports of prepared foodstuffs increased by EUR 43.9 million or 32.3%; imports of vehicles and associated transport equipment increased by EUR 31.1 million or 24.9%; imports of vegetable products increased by EUR 27 million or 36.2%.
The main exports partners in November were Lithuania (16.1% of total exports), Estonia (12.5%), Russia (6.6%) and Germany (6.1%), whereas the main import partners were Lithuania (28.7% of total imports), Germany (10.2%), Poland (9.3%) and Estonia (8.6%).
In November 22, compared to November 2021, share of the European Union countries in total exports value increased by 1.1 percentage point, but in total imports value – by 6.2 percentage points. The share of CIS countries in exports went down by 0.1 percentage point, but in imports – by four percentage points.
In November 2022, as compared with October, exports value to Ukraine increased by EUR 3.8 million or 10.6%. It was mainly affected by growth of EUR 4.1 million or 33.4% in exports of mineral products. Exports to Russia increased by EUR 8.4 million or 7%, which was affected by growth in exports of chemical products and products manufactured by linked industries by EUR 6.8 million or 77.3%. Exports to Belarus went down by EUR 1 million or 5.4%. The drop in exports to Belarus was mainly affected by reduced exports of optical tools and apparatus by EUR 1.9 million or 43.8%.
In November 2022, as compared with the previous month, imports value from Ukraine increased by EUR 597.2 thousand or 1.8%. This was affected by growth of EUR 3.9 million or 42.1% in imports of products manufactured by chemical and other associated industries. Imports from Russia went down by EUR 51.6 million or 39%, which was mainly due to the drop mineral products by EUR 64 million or 61.7%. Imports from Belarus increased by EUR 5.2 million or 39.7%, which was mainly due to growth in imports of animal or vegetable fats and oils by EUR 6.1 million.
In November 2022, a total of 207 businesses exported goods to Russia, 89 exported goods to Belarus. In turn, the number of businesses exporting to Russia and Belarus in January 2022 comprised 369 and 153, respectively.
In November 2022, a total of 163 businesses imported goods from Russia, 100 imported goods from Belarus. The number of businesses importing goods from these countries in January 2022 comprised 556 businesses from Russia and 283 – from Belarus.
In November 2022, as exports value of goods exceeded the value of imported goods, foreign trade balance of Latvia was positive with 117 partner countries.
Value was negative in trade with 50 countries.
Growth in exports of mineral fuels, mineral oils and products of their distillation in November 2022, as compared with November 2021, was mostly facilitated by an increase in exports of natural gas and electricity by EUR 58.4 million and EUR 26.3 million, respectively. In turn, a drop in exports of wood and wooden products; wood charcoal was affected by decrease in exports of saw-wood by EUR 42.5 million or 40.4%.
Growth in exports of grains in November 2022, compared to the previous month, was mostly influenced by the increase in exports of wheat and meslin of EUR 77.2 million.
Growth in imports of mineral fuels, mineral oils and products of their distillation in November 2022, as compared with November 2021, was mostly facilitated by an increase in imports of natural gas by EUR 245.5 million. In turn, reduction in imports of iron and steel was mostly influenced by drop in imports of flat-rolled products of iron and non-alloy steel by EUR 10.2 million or 44.2%.
Also read: Imports of Russian and Belarusian wooden furniture and paper illegal in Latvia